Business

Missing $20 bn: Again, NNPC fails to refund $1.48 bn

Published

11 years ago

June 24, 2015

For the umpteenth time, the Nigerian National Petroleum Corporation, NNPC, on Tuesday failed to refund to the Federation Account $1.48 billion balance of an alleged missing $20 billion oil money.

An audit ordered by the Goodluck Jonathan administration recommended that $1.48 billion be paid by NNPC to the government.

The review followed an allegation by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who accused the NNPC of failing to account for $20 billion oil money.

Since the submission of the audit report February, Nigeria’s 36 state governments have been clamouring for the money to be quickly paid by the NNPC and shared between the federal and state governments.

But the oil company has failed to pay the comply during past revenue sharing meetings between the states and the federal government.

On Tuesday, the Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwokobia, said at the end of the Federation Accounts Allocation Committee (FAAC) meeting for May, that no explanation was given by the corporation for its inability to remit the money as recommended.

“The issue of the refund of the $1.48 bn recommended in the forensic audit report was not discussed, and so no refund was made, apart from the N6.33 bn refunded as part of the N450 bn oil revenue it owed the Federal Government since 2011,” Mrs. Daniel-Nwokobia said.

At the end of the meeting, the Permanent Secretary said gross revenue receipt for the month was about N324.06 bn, which was higher than the N282.062 bn received in May by about N41.999 bn. Total distributable revenues between the Federal and the 36 state governments put about N409.5 bn.

Details of the allocation released at the end of the meeting showed that mineral revenue was N225.167 bn, while non-mineral revenue was N98.89 bn.

Net statutory allocation, she said, stood at N317.236 bn, which included N2.403 bn as 4% cost of collection by the Federal Inland Revenue Service (FIRS), N2.88 bn as 7% cost of collection for the Nigeria Customs Service (NCS) and N1.54 bn as 4% cost of collection by the Department of Petroleum Resources (DPR).

The Federal Government received about N151.805 bn, while the states received N76.98 bn and Local Governments N59.36 bn. The nine oil mineral producing states were allocated N29.7 bn.

There was also exchange gain of N31.24 bn proposed for distribution, while value added tax realised for the month was N418.452 bn.

According to the Permanent Secretary, delays in the issuance of the third quarter 2015 Export Permit lead to a drop of about 160,000 barrels of oil per day in April, apart from several shutdowns and shut-ins of the trunk and pipelines at oil terminals, which continued to negatively impact crude oil revenue.

However, she said an increase in the average price of crude oil from $56.04 per barrel in March 2015 to $59.88 per barrel in April brought $19.7 mn revenue gain for the month, while non-oil revenues are expected to perform better in the later art of the year due to some mechanisms put in place by the FIRS.

On the balance of the excess crude account (ECA), she said the amount stood at $2.078 bn.

On why the FAAC was shifted from the earlier schedule of June 15 and 16, Mrs. Daniel-Nwokobia said since the governments at all levels have in the country have been in transition after the May 29 handover to a new administration, there was need to wait.

“Most of the states are yet to appoint their commissioners and reconstitute their executive councils. The FAAC secretariat had to liaise with the states to know who would be representing them at the meeting

Again a few days to the FAAC meeting, the Accountant General of the Federation retired on June 12, necessitating clearance to be sought on who should take the office, in view of the critical role it has to play in the meeting,” she said

Business

Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

Published

1 day ago

April 13, 2026

Sahara Weekly

Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

As the festive spirit of Eid al-Adha (Sallah) approaches, Adron Homes & Properties, Nigeria’s leading real estate company, has announced a nationwide Sallah Mega Promo designed to reward subscribers with unbeatable discounts, flexible payment plans, and exciting gift items.

The limited-time promotional campaign aims to empower Nigerians to celebrate the season of sacrifice with both joy and long-term investment security by making property ownership more accessible and rewarding. Subscribers can enjoy a 30% discount on all plots across Adron estates nationwide, alongside a flexible payment plan of up to 36 months. In addition, clients can spread their initial deposit over four months, easing financial pressure while securing valuable real estate assets.

According to the company, the Sallah promo reflects its continued commitment to providing affordable housing solutions while rewarding both new and existing clients during key festive periods.

“Sallah is a time of giving, sacrifice, and celebration. At Adron Homes, we believe there is no better time to empower families and investors with the opportunity to own land while also receiving valuable gifts that enhance their celebration,” the company stated.

As part of the promo, subscribers will enjoy a wide range of gift rewards tied to their payment milestones. Platinum plot subscribers stand to receive items such as bags of rice ranging from 10kg to 50kg, food packs with chicken and seasoning, goats and rams for Sallah celebrations, and even a cow or a double-door refrigerator for high-value subscribers. Compact plot subscribers will also benefit from gift items including bags of rice, vegetable oil, cartons of noodles, goats, and other household essentials designed to support festive celebrations.

Over the years, Adron Homes & Properties has remained at the forefront of real estate development in Nigeria, consistently delivering affordable luxury and flexible payment structures tailored to a wide range of investors. The Sallah Mega Promo further reinforces the company’s mission to democratize property ownership while strengthening its relationship with clients through value-driven initiatives.

Prospective subscribers are encouraged to take advantage of this limited-time offer by contacting Adron Homes through its official channels.

📲 WhatsApp: +234 805 101 1951
🌐 Website: Adron Homes Official Website

With the Sallah season fast approaching, this promo presents a unique opportunity for Nigerians to celebrate meaningfully by securing their future through real estate investment while enjoying generous festive rewards.

Business

Please be careful, there’s a WhatsApp scam going around

Published

2 days ago

April 12, 2026

Sahara Weekly

*Please be careful, there’s a WhatsApp scam going around

Scammers are currently impersonating Aigboje Aig-Imoukhuede, the Chairman of Access Holdings Plc, to trick people into fake investment schemes.

They’ve created a WhatsApp group called *“Value Focus Club 60”* using this number: *+234 915 708 8290*, and even used his picture to make it look real.

*Important things to know*:
• The Chairman is NOT on WhatsApp running any investment group
• Access Holdings does NOT offer investment advice via WhatsApp
• Any message claiming otherwise is 100% fake

A whistleblower actually spotted this and raised the alarm, so please don’t ignore this.

*What you should do*:
• Don’t join the group or engage them
• Don’t share your personal or banking details
• Block and report the number on WhatsApp
• Let others know so they don’t fall victim

The company is already working to shut it down, but awareness is key.

Please share this with your contacts, someone you know could be targeted.

Business

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

Published

4 days ago

April 10, 2026

Sahara Weekly

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

LAGOS — A fast-rising fashion brand, House of Bimpe Fit, is making waves in the style scene with its collection of modern, elegant outfits designed for both men and women.

The brand, which showcases a blend of contemporary and classic designs, is quickly attracting attention for its attention to detail and quality finishing. From sharply tailored men’s native wears and suits to chic, figure-flattering outfits for women, House of Bimpe Fit is positioning itself as a go-to destination for fashion lovers seeking both style and comfort.

Speaking on the brand’s vision, the management emphasized its commitment to delivering “quality outfits for both men and women,” ensuring customers step out with confidence and class regardless of the occasion.

Fashion enthusiasts have particularly praised the brand’s versatility, as it caters to a wide range of tastes—from corporate elegance to casual sophistication.

With an active presence on social media, especially on TikTok via @house_of_bimpefit, the brand is leveraging digital platforms to reach a broader audience and showcase its latest collections.

Industry watchers say House of Bimpe Fit is one to watch, as it continues to carve a niche for itself in Nigeria’s competitive fashion industry.

For inquiries, customers can contact the brand via phone at 0802 686 6277.